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Monday, 09 April 12
WEEKLY DRY MARKET OVERVIEW - MARIA BERTZELETOU, HELLENIC SHIPPING
 The first week of April ended with the Baltic Dry Index falling below 950 points, before Catholic Easter, and capesizes showing a modest upturn with average time charter earnings rising to more than $6,000/day, while supramax units seem to loose their strength. The dry market sentiment is still so fragile with the BDI posting a decline on a weekly basis, following consecutive weekly inclines from the first days of February.
The levels of the BDI seen last year, above 1,000 points, seem to be far from reachable although the gap from breaking the psychological barrier is near to be bridged. The capesize segment remains in unprofitable territory affecting negatively the overall performance of the index. However, capesize vessels showed this week the strongest performance with the BCI recording a 6.7% week-on-week increase in contrast with a 7.8% decline in the supramax segment. From the end of March, supramax vessels appear to loose their solid performance that posted during the month with average time charter earnings falling below $10,000/day.
The index closed on Thursday April 5th, at 928 points, down by 0.6% from last week’s closing and down by 34% from a similar week closing in 2011, when it was 1,401 points. The BCI surpassed the 1,500 points by closing at 1507 points, with vessels’ average time charter earnings floating at $6,200/day, 20% up on a weekly basis, but $2,100/day less than handysize earnings. The BCI has shown the highest weekly increase of 6.7% from the beginning of the year, and now remains to be seen if the sentiment will continue to be tough, in the upcoming weeks, with China’s position in the iron ore market playing the important role of capesizes’ performance.
The first week of April began with some positive signs for the dry market sentiment. Chinese iron ore fixtures increased by 53% w-o-w during the first days of April, according to Wells Fargo Securities, the highest level since February 2011 with an upward direction in the average time charter earnings of capesize units. Chinese iron ore inventories are falling giving signs for a stronger support in capesize earnings, while supramax average time charter earnings are still hovering more than 37% above capesizes.
A positive sentiment is being fuelled in the iron market with Australian miner Fortescue, following the strong position of its rivals, stating that despite talks of slowdown, China’s economy is expanding at a relatively healthy pace, supporting demand for raw materials such as iron ore and steel for infrastructure development and consumer products.
In the panamax market, there is still grain activity from South America moving cargoes to the Continent and Mediterranean, but rates are floating at steady levels with vessels earning $8,277/day, down by 1.3% week on week. The BPI ended at 1036 points, falling by 15 points from previous week, when at the week ending March 16th has recorded the biggest gains by moving upwards 82 points, 9.2% increase.
Even the positive prospects for smaller vessel sizes, supramax vessels have shown, during the last two weeks, a weaker performance with the BSI loosing this week 81 points, by falling to 949 points with vessels trading at $9,928/day, when last year they were floating at $15,345/day, up by 55% from the current levels and 83% higher than capesizes. However, strong signs for Chinese thermal coal activity, the large decline in Qinhuangdao coal stockpiles, the upcoming maintenance of the Daqin railway and seasonal restocking for peak summer demand will affect positively the supramax rates. One short term negative factor for the segment could be the announcement from BHP Billiton declaring that it can not meet its coal delivery obligations because of a strike by 3,000 workers at seven coal operations in Queensland and wet weather, which may cause a further downward sentiment in the supramax market.
In the handysize segment, vessels’ earnings are recording the smallest volatility by hovering at similar levels with panamaxes, $8,305/day, down by 3.1%, when last year were earning around $11,700/day. The BHSI closed at 547 points, down by 18 points (3.2%), when last week recorded the biggest value of 566 points.
The outperformance of the capesize segment among other vessel categories brings a positive feeling with no guarantees for its stability, since there is undoubted that China’s iron market sentiment for this year will pour biggest risk for capesize operators amid oversupply issues. One recent worrying sign is that Brazilian iron ore conglomerate, Vale, has decided to move in the idling of two of its very large ore carriers and delaying the delivery for two valemaxes from China Rongsheng Heavy Industries, due the slowdown of Asian demand. According to data compiled from Bloomberg, Brazil’s first quarter ore exports plunged 27% from the previous three months to the lowest level, since June 2009, as rains and flooding in January delayed production.
In February, iron ore production in Brazil dropped by 24% in February, as per the latest data released by the country's iron ore producer's association. Brazil's mining companies exported 16.61 million metric tons of iron ore and pellets in February, down by more than 24% decline from 21,89 million metric tones exported during February 2011.
Vale and MMX, two leading Brazilian iron ore miners, stated that the cause of reduced production was the heavier than usual rains in the Minas Gerais region in January, while the market is waiting strongest indications of Chinese interest. Traders are waiting to see a strong pick up in Chinese steel demand that could set an increased demand for iron ore and higher vessel shipments resulting in a solid performance of the freight markets. Market belief is that the second quarter of the year will be more encouraging than the first three months with a firmer Chinese iron ore appetite, but the uncertainty is high from capesize average time charter earnings being still depressed at levels below break even.
Source: Maria Bertzeletou, Hellenic Shipping
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Thursday, 01 March 12
INDO-INDIA, LARGE ECO SUPRA CAN FETCH CLOSE TO USD 9K DOP N.CHINA - FEARNLEYS AS
Handy
The Atlantic Handysize market did not see any signs for recovery this week. It is still a major lack of spot cargoes and an oversupply of pro ...
Wednesday, 29 February 12
69 MINERS AGREE TO RENEGOTIATE CONTRACTS - THE JAKARTA POST
The Jakarta Post, one of the leading English news papaer in Indonesia reported that, as many as 60 coal contracts-of-work (PKP2B) and nine non-coal ...
Wednesday, 29 February 12
PUTTING COAL GASIFICATION TO WORK
Clifford Reese of the SSOE Group looks at practical solutions for district energy leaders who wish to implement clean coal technology.
Coal fuels ...
Monday, 27 February 12
COAL MINING PROFITS TOO HIGH, SAYS GOVT - TEMPO INTERACTIVE
Tempo Interactive reported that, Energy and Mineral Resources Deputy Minister of Indonesia Widjajono Partowidagdo has criticized coal-mining compani ...
Monday, 27 February 12
INDONESIAN COAL EXPORTS TO CHINA DROPS 39.76 PERCENT IN JANUARY 2012
COALspot.com: Indonesia, the world largest coal exporter, shipped 28.21* mln mt of coal in January 2012, slightly lower than its December 2011 ...
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- IEA Clean Coal Centre - UK
- Planning Commission, India
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- White Energy Company Limited
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
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